Pakistan's economy policy gains remarkable results in a year: Sina Finance

BEIJING: The economic policy of Pakistan under Prime Minister Imran Khan’s government has achieved remarkable results during the last one year, one of the largest financial news portals in China, Sina Finance said in its report.

The report shows that the Pakistani economy has emerged from the crisis in the past year and has gradually stabilized, the Chinese news portal commented over a report released by the government of Pakistan recently on completion of its first year.

The positive trend of the economic policy is significant Sina Finance report said.

Improvement of business environment, increase of taxation scale, the adjustment of development focus and the optimization of foreign-related cooperation are its outstanding features news portal said.

The positive changes in the above-mentioned strong base have laid a relatively reliable foundation for the development of Pakistan in the next stage.

The optimization of the business environment is conducive to expanding the attraction of foreign investment, news portal said.

In the past year, the government’s main investment department responsible for attracting foreign investment has approved the establishment of 11 special economic zones, which are located in the four provinces of the country, report pointed out.

In addition, in order to improve the ease of doing business, Pakistan has also implemented a series of reform measures, report said.

Taking the establishment of a company as an example, the new company registration can be completed within one working day, the power supply can be in place within three months to four months, and the new building construction permit can be approved within about three months.

At the same time, the government has set up a 24-hour hotline to answer questions and provide convenience for investors.

Under the influence of a series of positive measures, the ranking of the Bar Business Convenience Index has steadily increased by 11 ranks from 147 to 136.The increase in the size of the tax will help alleviate the fiscal deficit.

The report shows that the government’s series of tax reforms implemented in the past year have achieved remarkable results.

In July this year, the total domestic tax revenue of Pakistan was 234 billion rupees (about 1.45 billion US dollars), an increase of 60% year-on-year, and basically reached the target of 236 billion rupees.

In the fiscal year of 2018/2019, the number of new taxpayers in Pakistan increased by 350,000, an increase of 137% over the previous fiscal year, report said.

The situation of Pakistan’s fiscal deficit will gradually ease as long as this positive momentum is maintained.